Nathan Williams
The investment firm has delayed a final close first slated for last summer to bring more limited partners on board.
Limited partners which choose to roll over their stakes in the UK buyout firm's sixth fund's restructuring process were revealed in a UK regulatory filing.
The firm will avoid leverage to fund deals and will instead use a credit facility of up to $360m for deals from its Global Secondary Fund 6, according to a memo revealing fund terms.
The investment firm's performance fees were boosted by its 2007-vintage secondaries fund, from which it had sold a tail-end portfolio worth around €800m last year.
Trevor Blake is the fourth person to leave the secondaries specialist in the past year.
The deal is the second for Stafford’s latest infrastructure secondaries vehicle, which recently held a third close.
The US secondaries firm has acquired a further stake in SEP IV from LDC.
Elm Capital reports some portfolios are changing hands at double-digits premiums.
Buyers paid more than 90% of NAV for fund stakes in the strategy as a hedge against possible market falls, according to Setter Capital.
Lexington Middle Market Investors IV has a hurdle rate of 7% and a phased carried interest structure to 12.5%, documents from a US pension show.
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